25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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expiration of the Loan Agreement and any and all amendinents hereto, or for five years after the conclusion or resolution of any and all audits or litigation relevant to the Loan Agreement, whichever is later. The City, the State, the Office ofthe Auditor General of HUD, and(or their representatives shill have unrestricted reasonable: access to all locations, books; and records for the purpose of monitoring, auditing;; or otherwise examining said locations, books, and records with or without prior notice. d, If so directed by the City, the State or HUD upon termination of the Loan Agreement, Developer shall cause all records, accounts, documentation and alt other materials relevant to the work to be delivered to the City, the State or HUD, as depository, e; All records, accounts, documentation and other iaterials relevant to the Project shall be accessible at any time to the authorized representatives of the City, the State or HUD, on reasonable prior notice, for the purpose of examination or audit. f, Pursuant to 24 CFR Part 44, the City shall perl€rrm an annual audit at the close of each calendar year in which these Restrictions are in effect. Developer shall . reasonably cooperate with City in performing such audit. 16, The City is a beneficiary of the terms and provisions ar these Restrictions and the covenants herein, bath for and in their own rigl€tand ror the purposes of protecting the interests of the community and other parties, public or private, for whose benefit these Restrictions and the covenants running with the land have been provided. The City shall have the right i f tike covenants are breached, to exercise all rights and remedies, and to maintain any actions or suits at law or In equity or other proper proceedings to enforce the curing of such breaches to which they or any other beneficiaries of these Restrictions and covenants are entitled. 17. The covenants and agrccnictus contained herein shall run with the lard € nd not be personal obligations of Developer, Upon the sale, conveyance or other transfer of the Property (a "Transfer ") and the assumption. of the obligations hereunder by a transferee, Developer's liability ror perfon -mince shall be €enninated as to any obligation to be performed hereunder after the date of such Transfer, 18. The groan Agreement and all of its attachments shall be enforceable by City in accordance with the terms thereof. Each of the Loan A" ga-eetuent, the Affordability Restrictions on Transfer of Property, the CityiH0ME Loan Note and the City./HOME Deed_of`Trust provide a means of enforcernont by the City if Developer is in breach of its obligations hereunder and thereunder, including liens on the Property, use* and deed restrictions and covenants running with the land [24 CFR 91504 (e) (13)]. 4 of 10 25B -85